Helsinki, April 27, 2026, 21:06 (EEST)
Nokia Oyj notched another gain Monday, lifted by a wave of analyst upgrades and boosted price targets tied to surging AI data-center network demand. In Helsinki, shares finished up 3.69% at 9.276 euros. Over in New York, the U.S. stock hit $11.295 before settling 2.6% higher at $10.735.
The shift is catching attention: Nokia’s reputation is tilting away from legacy telecom gear and toward a new role in the AI infrastructure race. Its network infrastructure arm deals in optical and IP hardware — think high-capacity data movers for both fibre and IP networks — the kind favored by cloud giants and telcos.
Jim Kelleher at Argus moved Nokia’s U.S. shares up to Buy from Hold, targeting $15, according to StreetInsider. In his note, Kelleher pointed to stronger AI-driven demand, especially in Network Infrastructure, following a first-quarter non-IFRS earnings beat versus consensus.
Broker calls shifted as well. Jefferies’ Janardan Menon reaffirmed his Buy rating, bumping up his price target to 10.70 euros from 8.80 euros. JPMorgan’s Sandeep Deshpande maintained his Buy and doubled his target to 12 euros from 6.90 euros, according to MarketScreener. AlphaValue/Baader raised its outlook, too, after plugging in higher Network Infrastructure growth to its model.
Upgrades rolled in after Nokia’s Q1 numbers last week. Comparable operating profit climbed 54%, reaching 281 million euros—beating the Infront analyst poll’s 250 million-euro consensus. Reuters noted the result pushed shares to highs last seen back in April 2010.
Sales to AI and cloud clients surged 49% in the quarter, making up 8% of Nokia’s total, company data show. The group secured orders worth 1 billion euros from these segments and bumped its 2026 Network Infrastructure growth forecast to 12%-14%, up from the previous 6%-8% range.
Chief Executive Justin Hotard said in the results statement that “Demand has accelerated significantly.” Nokia, meanwhile, is ramping up investment in Optical Networks and sees combined growth of 18%-20% this year for its Optical Networks and IP Networks segments. Nokia Corporation | Nokia
Nokia’s competitive landscape now looks more focused than its iconic mobile-phone past—or even its 5G race with Ericsson. When it comes to optical networking, Reuters has noted that the Infinera acquisition may put Nokia ahead of Ciena, making it the number-two player globally after Huawei, with a 20% share.
Shareholders had a key date to watch as well. On Monday, Nokia shares traded ex-dividend for the first installment of its dividend: 0.04 euros per share. The record date is April 28 and investors can expect payment by May 7.
Yet the AI trade isn’t all smooth sailing. Hotard, speaking to Reuters, pointed out Europe’s shortfall in connectivity and data centre infrastructure for AI expansion. He cautioned that without rapid upgrades, both businesses and developers might shift operations to the U.S. or China.
Nokia flagged that its forward-looking targets come with risks and uncertainties beyond its reach. That kind of warning feels more important after the sharp move in the stock. The real question now: will those order books translate into actual deliveries, and can those margin gains hold up as spending ramps in optical and IP networks?
